Which of the following parties is not considered a fiduciary? Property managers A board of directors of a property owners' association Property owners None of the above A homeowners' association is typically created: Before the sale of the first lot. Only after the sale of the first lot. When a sufficient number of homes are sold. When all the lots are sold. The power of a homeowners' association to raise funds for maintenance of common areas: Is only permissible if expressly present in the CC\&Rs. Is only permissible if owners consent to it before purchasing their properties. May be implied. All of these